CBO: Key to Innovation is Making it a National Priority

By Mari SerebrovWashington Editor

Wednesday, April 24, 2013

To spur innovation in biopharma and other industries, Congress must make it a national priority, according to the Congressional Budget Office (CBO). In a review of the nation's commitment to innovation over the past three decades, CBO Director Douglas Elmendorf noted the decrease in federal spending on R&D, relative to GDP, and the decline of innovation as a priority in regulatory policy.